TSX/NYSE-listed Eldorado Gold has announced the its fourth quarter and full year 2018 production results and preliminary cash costs.
“In 2018, Eldorado successfully met its overall production goals, which included two upward revisions to production guidance,” says George Burns, Eldorado’s President and CEO.
“These positive results reflect solid execution by the team and better-than-expected leach pad production at Kisladag.
“In addition, underground mine development and refurbishment of the Sigma Mill at Lamaque proceeded according to plan and we expect to commence commercial production at Lamaque in the first quarter of 2019.
“The Olympias team made good progress addressing challenges relating to the blending of the ore feed to the mill and start-up of the newly installed paste plant.
“Ore feed blending impacted metallurgical performance and contributed to lower second half production and higher costs.
“With better control of the blend anticipated, we expect 2019 to be a better year for both mining and processing at Olympias.
“Overall, our progress through the year has been substantial as we continue to make decisions about our portfolio to create maximum value.”
Eldorado Gold highlights
- Solid full year gold production of 349,147 ounces of gold (2017: 292,971 ounces) including pre-commercial production from Lamaque; exceeded original 2018 production guidance of 290,000–333,000 ounces of gold
- Strong fourth quarter gold production of 75,877 ounces of gold (Q4 2017: 84,054 ounces) including pre-commercial production from Lamaque
- Full year cash operating costs expected to be $621 per ounce of gold sold (2017: $509 per ounce sold), in-line with revised guidance of $600-$650 per ounce sold
- All in sustaining costs (AISC) expected to be $990 per ounce sold for the full year (2017: $922 per ounce sold)
- Continued solid financial liquidity. Closed the year with total liquidity of approximately $543 million, including $293 million in cash, cash equivalents and term deposits, and $250 million in undrawn line of credit
- Lamaque commissioning underway. Commercial production on track to be declared in the first quarter of 2019. Commissioning of the Sigma Mill proceeded ahead of schedule with the first gold pour achieved in December 2018.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, and Brazil.
The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities.
Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).